GM CEO Stepping Down, Chrysler Insolvent Again

**nsap** · 03-29-2009, 04:35 PM

GM CEO Stepping Down Soon, Chrysler Insolvent Again
The weekend of news when it comes to GM and Chrysler...
www.gminsidenews.com
March 29, 2009
By: Nsap

It's been a busy weekend here at GMInsidenews. First we're told that a bankruptcy deadline is going to be put in place for General Motors and Chrysler LLC by the U.S. government tomorrow, now we hear more news. Today sources leaked information that GM CEO Rick Wagoner is going to be stepping down from the company. GMI sources have confirmed that Rick will be stepping down, supposedly to "retire" on March 31st. CNBC is reported that senior officials at the White House suggest that the government kindly suggested that Wagoner step down, but it was not "forced." It is expected that GM COO Fritz Henderson will be his replacement.

In related news, GMI has been told that Chrysler LLC is essentially insolvent at the moment; operating with $1.8 Billion in cash on hand, with at least $2.3 Billion needed to maintain normal operation. It is expected that the U.S. government will throw them a lifeline of funding to stay going until the new bankruptcy deadline. GM will also need more funding if they reach an agreement with their bondholders. GM currently has about $13.5 Billion in cash on hand, with a cash minimum of $11 Billion needed for daily operation.

For more details on Chrysler and GM: Chrysler Running out of Cash, GM Will Need More too

jmlee0695 · 03-29-2009, 04:36 PM

Will his replacement be Henderson or is there someone else who may be his replacement?

**FenwickHockey65** · 03-29-2009, 04:40 PM

Quote:

Originally Posted by jmlee0695

Will his replacement be Henderson or is there someone else who may be his replacement?

Multiple sources have said it's Henderson.

96_impala_ss · 03-29-2009, 04:42 PM

Ummm......

WOW!!

I dont know whether to be happy because the wagon fell down or sad because GM is dying in Obamas hands as well as Chrysler.

**Ming** · 03-29-2009, 04:45 PM

Thank you, Mr. Wagoner.

Performance questions aside, GM needs a new image, and it won't get that with the same person who's either been at the helm or near the top of GM - especially in North America - for the past decade.

GM doesn't need a "nice guy" at the top. It doesn't need a guy who delegates everything or a boss who is "great to work for". It needs someone who can crack the whip and who has a strong idea of what a wholly revamped GM can look like. Not an improved, barely profitable GM that waits for the next SUV boom or depends too much on full size truck sales to support crushing legacy costs, but a whole new company.

GM doesn't need Steve Jobs himself, but they do need a Steve Jobs-like figurehead who not only oozes confidence in his ability to recognize what is trendy and and stay ahead of trends, but someone who can rally the company and (more importantly) customers behind a strong new image of what GM --- or perhaps even a rebirth of GM under a new company name..."Greater Momentum", perhaps - can be.

People can argue the missteps and successes under Rick Wagoner all they want. But new blood and a bold new vision have been badly needed for some time. Those likely to disagree include people who fear for their jobs and prefer the status quo over the radical changes GM needs to become a brand that most, if not all Americans can look at once again as a maker of desirable cars....not the laughing-stock GM has become.

Hunid Racks · 03-29-2009, 04:48 PM

With Rick "supposedly" leaving, Tom Stephens from Powertrain moving into Lutz's slot, what other restructuring will happen?

Buickman to take over?

Damn, if Roger Penske was a couple dozen years younger, he would be everything GM needs.

rhvfd10 · 03-29-2009, 04:48 PM

This whole business is a shame... Good luck Mr Wagoner.

hawaiitahoe · 03-29-2009, 04:48 PM

GM is here to stay!!

What i hope for chrysler is in the future when it is stronger, it can break off its alliance with Fiat and be independant again.
If thats even possible that is.

AMERICA 123 · 03-29-2009, 04:49 PM

Well, here we go.

Early by a bit.

Definitely meant to be pre emptive.

Monday forward - lot's of butter.

Obviously Toyota's year end results are going to surprisingly bad when announced later in the week.

And there may be some more to go with that concerning Lexus and some other.

Also some for the rest of Japan Inc.

PontiacBixler · 03-29-2009, 04:49 PM

Oh happy day!!!!!!!!

kneedragger · 03-29-2009, 04:51 PM

So... party at buickmans?

**civilzues** · 03-29-2009, 04:52 PM

so he's getting out before they go under?

mbukukanyau · 03-29-2009, 04:54 PM

I think its good for Wagoner to step aside, given that its been really a rough time for him. His main achievement is the product focused company GM is now..

KAD · 03-29-2009, 05:01 PM

I agree with Ming, GM needs a Steve Jobs-like figure to take charge now. Someone to cut through the crap and get GM healthy again.

These next few weeks and months will be very interesting...

**mikmak** · 03-29-2009, 05:03 PM

I wonder if he'll be the first GM CEO to not get a Golden Handshake!

Bye Bye Rick.

03-29-2009, 04:35 PM	#1 (permalink)
nsap Editor Join Date: Jan 2003 Drives: 2009.5 Pontiac G8 GT Posts: 19,939	GM CEO Stepping Down, Chrysler Insolvent Again GM CEO Stepping Down Soon, Chrysler Insolvent Again *The weekend of news when it comes to GM and Chrysler...* www.gminsidenews.com March 29, 2009 By: Nsap It's been a busy weekend here at GMInsidenews. First we're told that a bankruptcy deadline is going to be put in place for General Motors and Chrysler LLC by the U.S. government tomorrow, now we hear more news. Today sources leaked information that GM CEO Rick Wagoner is going to be stepping down from the company. GMI sources have confirmed that Rick will be stepping down, supposedly to "retire" on March 31st. CNBC is reported that senior officials at the White House suggest that the government kindly suggested that Wagoner step down, but it was not "forced." It is expected that GM COO Fritz Henderson will be his replacement. In related news, GMI has been told that Chrysler LLC is essentially insolvent at the moment; operating with $1.8 Billion in cash on hand, with at least $2.3 Billion needed to maintain normal operation. It is expected that the U.S. government will throw them a lifeline of funding to stay going until the new bankruptcy deadline. GM will also need more funding if they reach an agreement with their bondholders. GM currently has about $13.5 Billion in cash on hand, with a cash minimum of $11 Billion needed for daily operation. For more details on Chrysler and GM: Chrysler Running out of Cash, GM Will Need More too __________________ http://www.facebook.com/GMInsideNews E-Mail Me Last edited by nsap; 03-29-2009 at 08:28 PM.

03-29-2009, 04:36 PM	#2 (permalink)
jmlee0695 4.4 Liter Supercharged Northstar Join Date: Feb 2008 Location: Baton Rouge,la Drives: 08' Silverado 5.3;08' CTS 3.6 DI, 08' Saturn Vue X Posts: 2,517	Re: GM CEO Stepping Down, Chrysler Insolvent Again Will his replacement be Henderson or is there someone else who may be his replacement? __________________ The Totally Awesome Archive of My Rarely Awesome Sometimes Suckish Chops! "I used to drive a Toyota, I gave it to my mother-in-law"

03-29-2009, 04:42 PM	#4 (permalink)
96_impala_ss 4.6 Liter Northstar V8 Join Date: Jun 2008 Posts: 1,706	Re: GM CEO Stepping Down, Chrysler Insolvent Again Ummm...... WOW!! I dont know whether to be happy because the wagon fell down or sad because GM is dying in Obamas hands as well as Chrysler. __________________ The price of having hope is sometimes disappointment, but the price of having no hope is always failure - Immortal Technique

03-29-2009, 04:45 PM	#5 (permalink)
Ming GMI Staff Member Join Date: Jan 2003 Location: An Alternate Timeline Posts: 14,689	Re: GM CEO Stepping Down, Chrysler Insolvent Again Thank you, Mr. Wagoner. Performance questions aside, GM needs a new image, and it won't get that with the same person who's either been at the helm or near the top of GM - especially in North America - for the past decade. GM doesn't need a "nice guy" at the top. It doesn't need a guy who delegates everything or a boss who is "great to work for". It needs someone who can crack the whip and who has a strong idea of what a wholly revamped GM can look like. Not an improved, barely profitable GM that waits for the next SUV boom or depends too much on full size truck sales to support crushing legacy costs, but a whole new company. GM doesn't need Steve Jobs himself, but they do need a Steve Jobs-like figurehead who not only oozes confidence in his ability to recognize what is trendy and and stay ahead of trends, but someone who can rally the company and (more importantly) customers behind a strong new image of what GM --- or perhaps even a rebirth of GM under a new company name..."Greater Momentum", perhaps - can be. People can argue the missteps and successes under Rick Wagoner all they want. But new blood and a bold new vision have been badly needed for some time. Those likely to disagree include people who fear for their jobs and prefer the status quo over the radical changes GM needs to become a brand that most, if not all Americans can look at once again as a maker of desirable cars....not the laughing-stock GM has become. Last edited by Ming; 03-29-2009 at 05:11 PM.

03-29-2009, 04:48 PM	#6 (permalink)
Hunid Racks 3.6 Liter SIDI V6 Join Date: Jun 2007 Posts: 1,171	Re: GM CEO Stepping Down, Chrysler Insolvent Again With Rick "supposedly" leaving, Tom Stephens from Powertrain moving into Lutz's slot, what other restructuring will happen? Buickman to take over? Damn, if Roger Penske was a couple dozen years younger, he would be everything GM needs.

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03-29-2009, 04:48 PM	#7 (permalink)
rhvfd10 4.6 Liter Northstar V8 Join Date: Jul 2006 Location: Douglas County, NV & UC Davis, CA Drives: 98 Chevy C1500 4.3 V6 Posts: 1,926	Re: GM CEO Stepping Down, Chrysler Insolvent Again This whole business is a shame... Good luck Mr Wagoner. __________________ http://www.xkcd.com/386/

03-29-2009, 04:48 PM	#8 (permalink)
hawaiitahoe 2.4 Liter SIDI ECOTEC Join Date: Mar 2009 Location: Hawaii Drives: 07 tahoe lt3 for a 22 year old. Posts: 364	Re: GM CEO Stepping Down, Chrysler Insolvent Again GM is here to stay!! What i hope for chrysler is in the future when it is stronger, it can break off its alliance with Fiat and be independant again. If thats even possible that is.

03-29-2009, 04:49 PM	#9 (permalink)
AMERICA 123 6.2 Liter LS9 Supercharged V8 Join Date: Aug 2007 Drives: The Toyota Rat Catcher Posts: 6,420	Re: GM CEO Stepping Down, Chrysler Insolvent Again Well, here we go. Early by a bit. Definitely meant to be pre emptive. Monday forward - lot's of butter. Obviously Toyota's year end results are going to surprisingly bad when announced later in the week. And there may be some more to go with that concerning Lexus and some other. Also some for the rest of Japan Inc. __________________ "From tech stocks to high gas prices, Goldman Sachs has engineered every major market manipulation since the Great Depression — and they're about to do it again." "The world's most powerful investment bank is a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money." "If America is circling the drain, Goldman Sachs has found a way to be that drain — " Matt Taibbi Last edited by AMERICA 123; 03-29-2009 at 05:12 PM.

03-29-2009, 04:49 PM	#10 (permalink)
PontiacBixler 3.6 Liter SIDI V6 Join Date: Apr 2005 Location: NY Drives: 2005 Jeep Grand Cherokee Posts: 1,227	Re: GM CEO Stepping Down, Chrysler Insolvent Again Oh happy day!!!!!!!! __________________ What is happening to the GM that grew up with for these many decades? If I could I would institute a hostile take over and kick the entire board and executives out and fill the positions with creative minds under the age of 35.

03-29-2009, 04:52 PM	#12 (permalink)
civilzues GMI Staff Member Join Date: Mar 2005 Location: Michigan Drives: 1999 Jeep Cherokee Posts: 3,789	Re: GM CEO Stepping Down, Chrysler Insolvent Again so he's getting out before they go under? __________________ -future BUICK owner- driving AMERICAN again

03-29-2009, 04:54 PM	#13 (permalink)
mbukukanyau Firebird Concept (the turbine one) Join Date: Dec 2003 Location: In front of my computer Drives: 2006 HHR 1995 Honda Pasport SUV Posts: 12,268	Re: GM CEO Stepping Down, Chrysler Insolvent Again I think its good for Wagoner to step aside, given that its been really a rough time for him. His main achievement is the product focused company GM is now.. __________________ Toyota:- You can't stop us now!!

03-29-2009, 05:01 PM	#14 (permalink)
KAD 2.4 Liter SIDI ECOTEC Join Date: Apr 2007 Location: Tennessee Drives: 2008 Chevrolet HHR SS Posts: 192	Re: GM CEO Stepping Down, Chrysler Insolvent Again I agree with Ming, GM needs a Steve Jobs-like figure to take charge now. Someone to cut through the crap and get GM healthy again. These next few weeks and months will be very interesting... __________________ follow me on Twitter (if you wish) or check out my blog: http://kalexd.tumblr.com

03-29-2009, 05:03 PM	#15 (permalink)
mikmak GMI Australia Correspondent Join Date: May 2005 Location: Pacific Paradise, Australia Drives: VZ Wagon and JSII sedan Posts: 13,303	Re: GM CEO Stepping Down, Chrysler Insolvent Again I wonder if he'll be the first GM CEO to not get a Golden Handshake! Bye Bye Rick. __________________ *We may be upside down, but at least we don't drive backwards* *It's official: I'm a twit. Follow me on Twitter!!*

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